Apple drops plan to boost iPhone production as demand falters-Bloomberg
Stock Markets 2 hours ago (Sep 27, 2022 10:55PM ET)
© Reuters. FILE PHOTO: The iPhone 14, iPhone 14 Pro and iPhone 14 Pro Max are displayed at the Apple Fifth Avenue store, in Manhattan, New York City U.S. September 16, 2022. REUTERS/Andrew Kelly
(Reuters) -Apple Inc is dropping plans to increase production of its new iPhones this year after an anticipated surge in demand failed to materialize, Bloomberg News reported on Tuesday, citing people familiar with the matter.
The company told suppliers to curtail efforts to increase assembly of its flagship iPhone 14 product family by as many as 6 million units in the second half of this year, Bloomberg reported.
Instead, the Cupertino, California-headquartered company will aim to produce 90 million handsets for the period, nearly the same number as a year ago and in line with Apple (NASDAQ:)’s original forecast this summer, the report said.
Apple did not immediately respond to a Reuters request for comment.
Demand for the higher-priced iPhone 14 Pro models is stronger than for the entry-level versions and at least one Apple supplier is shifting production capacity from lower-priced iPhones to premium models, Bloomberg reported.
Apple had this week said it would start manufacturing the iPhone 14, launched earlier this month, in India, as the tech giant moves some of its production away from China.